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Poland's Law and Justice party may suspend copper tax in Q1-Q2 2016

Published 2015-11-02, 05:02 a/m
© Reuters. Poland's Law and Justice party may suspend copper tax in Q1-Q2 2016
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WARSAW, Nov 2 (Reuters) - Poland's newly elected Law and
Justice party (PiS) could suspend the copper tax at the turn of
the first and second quarter 2016, a party lawmaker said, a move
that would have a positive impact on Europe's No.2 copper
producer KGHM KGH.WA .
State-controlled KGHM paid 1.5 billion zlotys ($389 million)
in mining taxes in 2014.
The taxes, as well as lower metals prices, ate into the
miner's net profit, which fell to 2.4 billion zlotys.
PiS, which won a parliamentary election last month, had
declared it planned to abandon the tax but it has been unclear
when this would take place.
"Taking into account the low copper prices we plan to
suspend the copper tax. I think the suspension is most likely to
become binding at the turn of the first and the second quarter,"
Henryk Kowalczyk told Reuters.
($1 = 3.8538 zlotys)

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